LONG-TERM DEBT

14 Months Ended

Jun. 30, 2021

NOTE 6: LONG-TERM DEBT

The components of long-term debt are as follows:


			(in 000s)
As of	June 30, 2021		April 30, 2021

Senior Notes, 5.500%, due November 2022	$	500,000	$	500,000
Senior Notes, 5.250%, due October 2025	350,000		350,000
Senior Notes, 2.500%, due July 2028	500,000		—
Senior Notes, 3.875%, due August 2030	650,000		650,000


Debt issuance costs and discounts	(16,281)		(9,961)
Total long-term debt	1,983,719		1,490,039
Less: Current portion	—		—
Long-term portion	$	1,983,719	$	1,490,039

Estimated fair value of long-term debt	$	2,123,000	$	1,609,000

On June 22, 2021, we issued $500.0 million of 2.500% Senior Notes due July 15, 2028 (2028 Senior Notes). The 2028 Senior Notes are not redeemable by the bondholders prior to maturity, although we have the right to redeem some or all of these notes at any time, at specified redemption prices. We intend to use the net proceeds from the 2028 Senior Notes for general corporate purposes, which may include, among other uses, redeeming the $500.0 million in principal outstanding of our 5.500% notes due November 2022.

UNSECURED COMMITTED LINE OF CREDIT – On June 11, 2021, we entered into a Fourth Amended and Restated Credit and Guarantee Agreement (2021 CLOC), which amended and restated our Third Amended and Restated Credit and Guarantee Agreement, extended the scheduled maturity date to June 11, 2026, decreased the aggregate principal amount to $1.5 billion, revised the applicable rate table, and adjusted the covenant measurement dates due to our fiscal year end change. Other material terms remain substantially unchanged from our previous CLOC.

The 2021 CLOC provides for an unsecured senior revolving credit facility in the aggregate principal amount of $1.5 billion, which includes a $175.0 million sublimit for swingline loans and a $50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. The CLOC will mature on June 11, 2026, unless extended pursuant to the terms of the CLOC, at which time all outstanding amounts thereunder will be due and payable. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings.

The 2021 CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including,

without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on March 31, June 30, and September 30 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on December 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate purposes. We were in compliance with these requirements as of June 30, 2021. We had an no outstanding balance under our CLOC and amounts available to borrow were limited by the debt-to-EBITDA covenant to approximately $1.1 billion as of June 30, 2021.